Singapore Market Outlook H2 2025

PRIVATE RESIDENTIAL

Prices remain resilient supported by suburban new launches

Key Takeaways

SALES VOLUMES AND PRICES

• Amidst current cooling measures and an uncertain economic climate, private residential prices grew by an estimated 1.8% YTD in H1 2025, compared to 3.9% yoy growth in 2024 (whole year). • Overall private residential volumes also fell to an estimated 11,977 units in H1 2025, from 21,950 units in 2024 (whole year). • In July 2025, another round of cooling measures was announced. Seller Stamp Duties (SSD)* was increased to curb “flipping” in the market. A subset of buyers would be affected, as the minimum holding period to not incur SSD would now be increased from 3 years to 4 years. • Private residential volumes in H2 2025 could fall slightly given higher buyer caution and some buyer investment strategies for new sales have become more complex. • Private residential prices are expected to see growth of 2-3% yoy and volumes to reach 19,000-23,000 units in 2025.

240

10,000 15,000 20,000 25,000 30,000 35,000 40,000

200

160

120

80

Price Index

No. of Units

40

0 5,000

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F

New Sale

Resale

Sub Sale

Private Residential Prices

Price, Rent and Sales Forecast

Indicators

2024

2025 H1

2025F

Private Residential Price Growth

3.9% yoy

1.3% ytd (est.)

2.0%-3.0% yoy

New Sale Volumes

6,469 units

4,521 units (est.)

7,000-7,500 units

Resale and Sub Sale Volumes

15,481 units

7,456 units (est.)

12,000-15,500 units

Overall Sales Volumes

21,950 units

11,977 units (est.)

19,000-23,000 units

Private Residential Rent Growth

-1.9% yoy

0.4% qoq (Q1)

3.0%-5.0% yoy

Source: URA, Cushman & Wakefield Research * The latest changes to the SSD for residential properties involved an increase of the holding period from three to four years and increase of the SSD rates by four percentage points for each tier of the holding period.

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